'TIME' Magazine Purchased by Billionaire Tech Investor, Marc Benioff

The Salesforce founder & CEO snapped up the longstanding imprint.

Tech
7,218 Hypes 9 Comments

With print media struggling to stay afloat, it comes as little surprise that wealthy tech investors dominate the industry. Keeping in line with that theme, news broke today that billionaire Salesforce CEO Marc Benioff has snapped up TIME Magazine for $190 million USD.

Previous owners Meredith Corp., which initially purchased TIME back in November 2017, will relinquish the legacy property to Benioff, who is worth over $6.7 billion USD, and his wife within 30 days. TIME staff was informed that “the Benioffs will hold Time as a family investment,” according to editor in chief Edward Felsenthal. “While they will not be operators of the business, we are extremely fortunate to have Marc and Lynne’s guidance and mentorship as we set out to build a new company.” Like Jeff Bezos, who owns the Washington Post separately from his role as Amazon CEO, Benioff will keep his work at Salesforce separate from the magazine. Furthermore, Benioff did not purchase three other TIME titles: Fortune, Money, and Sports Illustrated.

Meanwhile, Amazon recently surpassed the $1 trillion USD valuation mark.

Read Full Article
Source
CNN

What to Read Next

Killmonger From 'Black Panther' Is Getting His Own Comic Series
Entertainment

Killmonger From 'Black Panther' Is Getting His Own Comic Series

In a story billed as, “the fall of Erik Killmonger.”

Kanye West to Perform on 44th Season Premiere of 'Saturday Night Live'
Music

Kanye West to Perform on 44th Season Premiere of 'Saturday Night Live'

Returning to the ‘SNL’ stage after 5 years.

Riccardo Tisci's SS19 Burberry Show: Deconstructed & Debonair
Fashion 

Riccardo Tisci's SS19 Burberry Show: Deconstructed & Debonair

The heritage house served up both sportswear & tailoring.


This Could Potentially Be Nike's Newest Air VaporMax Design for 2019
Footwear

This Could Potentially Be Nike's Newest Air VaporMax Design for 2019

The future of the Air VaporMax silhouette.

Desus and Mero Talk New York City Sneaker Culture on 'Sneaker Shopping'
Footwear

Desus and Mero Talk New York City Sneaker Culture on 'Sneaker Shopping'

“There’s people in The Bronx that wear these [Nike Air Foamposite One] just for job interviews.”

Dwyane Wade Announces Final Season With Miami Heat
Sports

Dwyane Wade Announces Final Season With Miami Heat

Flash asks us to join him for “One Last Dance” in emotional video.

More ▾
 
Subscribe to our Newsletter

Receive the latest in Footwear, Fashion, Music and Creativity in our newsletters.

By Subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.